Affle (India) Limited (AFFLE.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+80.2%

₹2,804.04

vs ₹1,555.80 price

Levered DCF

₹2,609.41

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

19.63

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	44.75×	58.55×	49.24×	53.76×	78.22×	103.17×	38.45×	43.47×
P/B	5.57×	7.59×	5.86×	8.97×	14.2×	38.78×	11×	29.31×
P/S	7.51×	9.87×	7.95×	9.17×	15.46×	26.92×	7.55×	8.51×
EV / EBITDA	27.72×	37.29×	33.98×	38.33×	58.66×	82.09×	26.91×	29.93×
Gross margin	24.1%	39.1%	38.9%	38.3%	37.2%	42.4%	65.8%	71.3%
Operating margin	17.9%	17.2%	15.7%	16.7%	16.9%	21.7%	23.2%	24.9%
Net margin	16.8%	16.9%	16.1%	17.1%	19.8%	26.1%	19.6%	19.6%
Current ratio	3.59×	3.46×	3.07×	2.88×	2.2×	1.29×	1.79×	1.28×
Debt / equity	0×	0.03×	0.07×	0.07×	0.13×	0.33×	0.29×	0.12×
Interest coverage	92.3×	30.91×	15.51×	21.68×	27.21×	31.22×	54.83×	76.56×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	12.5%	13.0%	11.9%	16.7%	18.2%	37.6%	28.6%	67.4%
Return on invested capital	10.7%	10.4%	9.6%	12.6%	11.0%	17.4%	20.7%	60.9%
Return on assets	10.3%	10.5%	9.1%	12.2%	11.7%	17.9%	16.3%	30.8%
Free cash flow yield	1.6%	1.2%	1.0%	1.3%	0.8%	0.4%	1.6%	1.5%
Earnings yield	2.2%	1.7%	2.0%	1.9%	1.3%	1.0%	2.6%	2.3%
Enterprise value	₹190.8B	₹213.9B	₹140.2B	₹129.2B	₹165.6B	₹139.8B	₹25.2B	₹21.1B
Net debt / EBITDA	-1.86×	-1.68×	-1.51×	-0.67×	-0.59×	0.41×	-0.02×	-0.16×
Cash conversion cycle (days)	-9	-19	-21	-73	-33	-41	-137	-174